China has voiced strong concerns over Israel’s recent military strikes on Iran. On Friday, the Chinese Foreign Ministry released a statement saying it is “closely following” the events and is worried about how the situation is unfolding.

Amid escalating tensions following Israel's military strikes on Iran, analysts warn that China may retaliate against the U.S. through Iranian proxies, affecting Middle Eastern dynamics and international relations.

China has issued advisories to its citizens in Israel and Iran of the "complex and severe" security situation in those countries on Friday, adding a warning to those in Israel to prepare for possible missile and drone attacks.

China is suffering a "terrible loss" in the Middle East and could convince some other party to "strike us," according to Gatestone Institute's Gordon Chang.

As a result of the massive escalation, the world has divided into two factions- one that is supporting Israel and the other supporting Iran.

U.S. oil prices already jumped last week, which could cause prices at the pump to rise about 20 cents a gallon in the coming weeks, according to one estimate.

Bitcoin's decline today is influenced by US-China trade deal outcomes and geopolitical tensions involving Israel and Iran. The potential for future Federal Reserve rate cuts is increasing despite a slight decline in May's headline inflation figures.

China was deeply concerned about the Israeli attacks on Iran and urged de-escalation for regional peace and stability, a Chinese foreign ministry spokesperson said on Friday.

Russia is prepared to continue to work to resolve issues surrounding Iran's nuclear programme, the Russian Foreign Ministry said in a statement.